US Existing Home Sales 06/23/09

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Time: 10:00am NY Times.
Actual: 4.77M Forecast: 4.82M Previous: 4.66M

Definition:

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It’s a leading indicator of economic health because the sale of a home triggers a wide-reaching ripple effect. For example, renovations are done by the new owners, a mortgage is sold by the financing bank, and brokers are paid to execute the transaction; Annualized number of residential buildings that were sold during the previous month, excluding new construction; While this is monthly data, it’s reported in an annualized format (monthly figure x12). Existing homes make up the majority of total sales and therefore tend to have more impact than New Home Sales.

Update: The trade was based on market context.

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